Downey files for liquidation
Times Wire Reports
Downey Financial Corp., the parent company of the California savings and loan seized by regulators Friday, filed a bankruptcy petition to liquidate itself.
The Newport Beach holding company for Downey Savings & Loan filed the action in U.S. Bankruptcy Court in Wilmington, Del. The company, which opened in 1957, listed as much as $50 million in assets and $500 million in debt. The thrift was turned over to U.S. Bancorp, and its branches remain open.
